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The Corporate Insolvency and Governance Act 2020 (CIGA 2020) was brought in on 25 June 2020 in response to the COVID-19 pandemic and its effect on the economy. Published 1 June 2020 Last updated 5 June 2020 + show all updates On 26 June 2020 the Corporate Insolvency and Governance Act 2020 (“the 2020 Act”) finally entered into force. On 26 June 2020, the Corporate Insolvency and Governance Act (CIG Act) came into force which introduced fundamental changes to the UK’s company and insolvency laws which not only provide temporary assistance to companies and their directors during the Coronavirus Disease 2019 (COVID-19) crisis, but on a permanent basis have significantly bolstered the UK’s restructuring … Now it is in its final form, Simon Newman and Christopher Pask of 1 Chancery Lane’s Commercial, Chancery Corporate Insolvency and Governance Act 2020. The Corporate Insolvency and Governance Act 2020 (c. 12) is an act of the Parliament of the United Kingdom relating to companies and other entities in financial difficulty, and which makes temporary changes to laws relating to the governance and regulation of companies and other entities. The Bill is now an Act of Parliament (law). Summary of the Corporate Insolvency and Governance Act 2020 A Bill to make provision about companies and other entities in financial difficulty; and to make temporary changes to the law relating to the governance … It had a rapid passage through the UK parliamentary process, making its way from first publication on 20 May 2020 to Royal assent on 25 June 2020 in just over five weeks. On 26th June, the Corporate Insolvency and Governance Act 2020 (the “Act”) came into force. Termination for insolvency: a clause for concern? On 28 March 2020, the UK Government announced plans to bring forward legislation to introduce new measures to aid restructuring of companies. (2) “2020 Act” means the Corporate Insolvency and Governance Act 2020; (3) “the coronavirus test” means whether: (a) In the case of a petition to wind up a registered company on a ground specified in section 123(1)(a) to (d) of the 1986 Act that the condition in paragraph 5(2) of Schedule 10 to the 2020 Act … The Corporate Insolvency and Governance Act 2020 (the Act) received Royal Assent on 25 June 2020, having been raced through parliament in less than six weeks as part of the government’s emergency response to COVID-19. The Insolvency and Corporate Governance Act (the “Act”) came into force on 26 June 2020. We have previously discussed that the Corporate Insolvency and Governance Act 2020 (the Act) has introduced a number of measures to protect and support businesses through the COVID 19 pandemic. This blog discusses some of the measures put in place to help business survival and build economic resilience through the COVID-19 pandemic; the Corporate Insolvency and Governance Bill that received Royal Assent on 25th June 2020 and The Corporate Insolvency and Governance Act (CIG) which came into force on 26th June 2020. The key insolvency related reforms included in the Act are: the new moratorium outside of a formal insolvency process; the new restructuring plan; Background. The Corporate Insolvency and Governance Act 2020 (CIGA) represents the most significant changes to UK corporate restructuring legislation in almost 20 years. For companies facing short-term financial issues, a new statutory moratorium regime may provide a lifeline. Now it is in its final form, Simon Newman and Christopher Pask of 1 Chancery Lane’s Property, Chancery & Commercial team will be providing their views … The Corporate Insolvency and Governance Act 2020 (the ‘Act’) permanently increases restructuring options for businesses experiencing financial difficulties, and includes temporary measures aimed at easing some of the most pressing consequences businesses may be experiencing as a result of the coronavirus (COVID-19) pandemic. You can read more on the wider impact of the Act here. All content on this page is correct as of September 29, 2020 With provisions spanning both commercial and insolvency issues, Banking and Finance Partner, Rowena Marshall, summarises the key insolvency-related points … What does the Corporate Insolvency and Governance Act 2020 (CIGA) do? The Act introduced both permanent changes to insolvency and corporate law and temporary measures intended to assist companies impacted by the COVID-19 pandemic. Corporate Insolvency and Governance Act 2020 – How do the new protection of supplies of goods and services provisions work? The Corporate Governance and Insolvency Bill 2020 gained royal Assent on 25 June 2020 and the Corporate Governance and Insolvency Act 2020 (the “Act”) now brings about a significant change in UK insolvency legislation. As a result, the Corporate Insolvency and Governance Bill was laid in Parliament on 20 May 2020 and this came into force as the Corporate Insolvency and Governance Act 2020 (CIGA 2020) on 26 June 2020.. A more detailed explanation of each of the measures in the Corporate Insolvency and Governance Bill 2020. The Corporate Insolvency and Governance Act 2020 makes the most significant changes to UK insolvency law in a generation. 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